Adjust Your Withholding Amount for Better Tax Planning

As of 2013, the average tax refund in the United States was $2,800. An estimated 75 percent of U.S. taxpayers have too much money withheld from their paychecks, so they receive refunds, and almost 60 percent of people intentionally plan to receive this refund. While it is nice to get a refund, wouldn’t it be better to have more money in your paycheck to cover day-to-day living expenses?

You should review your withholding to ensure the taxes taken from your paycheck are closer to what is actually owed for the year.